We expect Xinjiang Guanghui Industry Investment (Group) Co. Ltd. to conduct a partial exchange of its outstanding senior unsecured notes due March 2020, with a concurrent new issuance. We don't consider the proposed transaction to be a distressed exchange, and believe its successful execution will help Guanghui maintain its liquidity buffer. On Feb. 27, 2020, S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Guanghui and its 'B-' long-term issue rating on the company's outstanding senior unsecured notes. The negative outlook reflects Guanghui's relatively tight liquidity and some execution risk on the proposed partial exchange offer. We affirmed the rating on Guanghui because the company should have sufficient resources on hand and access to capital markets to meet
